Kenyan Banking History

In: Historical Events

Submitted By gillian72
Words 12780
Pages 52


Revised Edition 2012 [2010]
Published by the National Council for Law Reporting with the Authority of the Attorney-General [Rev. 2012]

Retirement Benefits

CAP. 197


Short title.


Establishment and incorporation of the Retirement Benefits Authority.
Object and functions of the Authority.
Assistance in investigation.
Authority may investigate.
Board of directors.
Powers of the Board.
Conduct of business and affairs of the Board.
Delegation by the Board.
Remuneration of Board members.
The Chief Executive Officer.
Staff of the Authority.
The Common Seal of the Authority.
Protection from personal liability.
Liability of the Authority for damages.
The Retirement Benefits Levy.
The Retirement Benefits Authority Fund.
Investment of funds of the Authority.
Financial year.
Annual estimates.
Accounts and audit.


Retirement benefits schemes managers, and custodians to be registered.
Criteria for suitability.
Requirements for registration of schemes.
Requirements for registration of managers and custodians.
Requirements for registration of custodians.
Requirements for registration of administrators.
Requirements with regard to trustees.
Refusal of registration.
Duration and renewal of certificates.
Use of register in evidence.

R11 - 3

[Issue 1]

CAP. 197

Retirement Benefits

[Rev. 2012]


Similar Documents


...A PROJECT REPORT ON FINANCIAL SERVICES OF BANKS Submitted to University of Mumbai in Partial fulfillment Of the requirement of the Degree of B.Com ³BANKING & INSURANCE´ Under guidance of PROF. RUEEN PATEL VPM¶S K.G Joshi College of Arts N.G Bedekar College of Commerce Thane (E) Academic Year: 2010-11 BYJEMINI.J.PATIL ACKNOWLEDGEMENT In completing this project I am deeply conscious of my debt to all those, without whose warm support, enragement & guidance this project was not possible to complete. I am specially greatful to Prof Rueen Patel my guide to this project, She actually gave the life to this project and guidance of my parents & friends this project took shape. They also provided me much needed criticism & encouragement. Jemini Patil DECLARATION I am Jemini J. Patil studying in T.Y.Banking & Insurance hereby declare that I have done a project on ³Financial Services provided by Banks´. As required by the university rules, I state that the work presented in this thesis is original in nature and to the best my knowledge, has not been submitted so far to any other university. Whenever references have been made to the work of others, it is clearly indicated in the sources of information in references. Student (Jemini. J. Patil) Place: Thane Date: October, 2010 EXECUTIVE SUMMARY Banks are the Financial Institution which satisfies the individual & group goals with proper systems of rules, regulations, policies, services, procedures &......

Words: 11527 - Pages: 47


... | | | |The Bank of England has two main functions and these are Monetary Stability and Financial | |Stability. The Bank of England’s Monetary Policy Committee (MPC) meet on a regular basis to| |discuss Monetary Stability each month. This entails setting the bank rate, this rate has | |been 0.5% for the longest period in the Banks history and the reason for doing so is to | |keep inflation low and to achieve the 2% target set by the Government. A stable economy is | |intended to encourage growth in the economy. | | | |Financial stability on the other hand was overseen by the tripartite authorities who were | |made up of Her Majesty’s Treasury (HMT), Financial Services Authority (FSA) and the Bank of| |England (B of E). This system was one of the factors that contributed to the banking crisis| |as they did not act quickly and decisively. All three authorities seemed reliant on the | |other to take a course of action. | | | |The Financial Policy Committee (FPC) has since replaced the Tripartite Committee and is | |based in the Bank of England. FPC’s sole......

Words: 1214 - Pages: 5

International Banking History

...evolution of international banking in 16th Century as this family was eager to trade internationally. Fuggers have gained control on the economy of the different countries first locally then globally through trade and then gain control in mining internationally. When money supply in the Europe has expanded, Fuggers have gained control of the Silver, Gold, Copper production as a security of cash loans. Fuggers have prepared Letter of credit in order to provide liquidity to their customers who are dealing with several currencies and incompetent market for currency exchange and become gradually rich with every following peer. They had gained control of the central Europe’s mines through their loaning to Hapsburgs. Fugger bankers not limit their activities to lend in exchange of gold, silver & other mines, and currency exchange but as one of the largest firms they lent to government as well just because it is profitable. They have brought the concept of international banking as they borrow different mines from a country where these mines are cheaper and pay royalty to them and trade them in the countries where it is more worthful and where the demand of mines was high. Fuggers had managed their liquidity more efficiently as they were the largest bankers and lenders of cash this international banking management makes them legend of their own times and play an important role in evolution of international banking. References (Kohn M., 1999), Merchant Banking in the Medieval......

Words: 310 - Pages: 2


...E- Banking System in Pakistan ` E- Banking System in Pakistan Written by, Muhammad Rahimuddin 691205 0694 Syed Asif Abbas Bukhari 720512-1234 Supervised by Eva. Wittbom School of Management Blekinge Institute of Technology Ronneby, Sweden Thesis for the Master‟s degree in Business Administration, Spring-2010 Blekinge Institute of Technology, Ronneby, SWEDEN Thesis for the Master‟s degree in Business Administration Spring, 2010 I E- Banking System in Pakistan ABSTRACT Our this research work is based on the E-banking technology in which customers can access more accurate, quicker and rapid banking services from the computerized banking system. This system has also been adopted by the international banks as well as by the local banks in Pakistan to give efficient services to their elite customers. The purpose of our research work is carried out to unlock the significance that Pakistani banks are connected with this type of e-banking technology that is being implemented by the banks for providing the electronic services to the customers and in what extent this technology is relevant to customers. This research work will also help to determine whether the ebanking services are more efficient, accurate and rapid banking services. Thesis for the Master‟s degree in Business Administration, Spring-2010 Blekinge Institute of Technology, Ronneby, SWEDEN II E- Banking System in......

Words: 18788 - Pages: 76

Challenges Facing Banking Industry in Kenya

... I would also wish to thank the technical staff of K.C B jogoo road branch for their help and cooperation iii ABSTRACT With reference to K.C.B this research is carried out to investigate the challenges facing the banking industry in Kenya. The specific objectives are; to investigate whether theft cases in banks are a major problem, to establish if ATM card skimming is a problem to the banking industry in Kenya, to determine if high interest rates are affecting the banking industry in Kenya negatively, to find out if mobile money transfer services are becoming a competition to banks in Kenya. The sample design was stratified random sampling so as to obtain data required within the organization. Data collection instrument that was used was the questionnaire since it was most convenient. IV TABLE OF CONTENTS page CHAPTER ONE 1:1 Background of the study……………………………………….1. 1:1:1 History of the organization…………………………………….1 1:2 Problem statement……………………………………………….2 1:3 Objectives of the study…………………………………………..3 1:4 Research questions………………………………………………..3 1:5 Significance of the study…………………………………………3 1:6 Scope of the study………………………………………………..4 1:7 Definition of......

Words: 4741 - Pages: 19


...the core banking services? a. Collecting deposits; making loans; arranging payments b. Collecting deposits; making loans; financing infrastructure projects c. Making loans; arranging payments d. Collecting deposits;; arranging payments 3. What is money creation? a. The process by which a bank transforms the assets of depositors into a new asset with very different characteristics b. The process by which additional assets are created through effectively loaning a deposit multiple times through fractional reserve banking. c. The process by which a bank lends to Central Bank. d. The process by which a bank borrows from Central Bank. 4. What is the moral hazard? a. Moral hazard arises whenever, as a result of entering into a contract, the incentives of the two parties change, such that the riskiness of the contract is altered. b. Moral hazard arises whenever, as a result of entering into a contract, the incentives of the two parties do not change c. Moral hazard arises whenever, as the average quality of a pool of borrowers decreases as the lender increases the interest rate charged on loans. d. Moral hazard arises whenever, as a the average quality of a pool of borrowers increases as the lender reduce the interest rate charged on loans. 5. What is relationship banking? a. In relationship banking banks compete for customers on “hard facts” and customers “shop around”. b. In relationship banking......

Words: 2249 - Pages: 9


...Hawassa University College of Business and Economics School of Management and Accounting Assessing the impact of Core Banking and service quality on Customer Satisfaction in Commercial Bank of Ethiopia (A case of Bishofftu Branch) By: Endalkachew Abebe A research project submitted in partial fulfillment of the requirement for masters of business administration degree in marketing Management June 2013 Hawassa, Ethiopia 1 Hawassa University College of Business and Economics School of Management and Accounting Assessing the impact of Core Banking and service quality on Customer Satisfaction in Commercial Bank of Ethiopia (A case of Bishofftu Branch) By: Endalkachew Abebe A research project submitted in partial fulfillment of the requirement for masters of business administration degree in marketing Management Advisor: Dr. Birihanu Borji (PhD) Associate professor in Marketing Mgt Co advisor: Seid Mohamed (Ato) June, 2013 2 Hawassa University School of Graduate Studies Project Title: Assessing the impact of core banking and service quality in CBE (case of Bishoftu branch) By: Endalkachew Abebe College of Business and Economics School of Management and Accounting Postgraduate Program Approved by: ___________________________________ _____________________ Advisor Signature ____________________________________ Co-advisor __________________ Signature ___________________________________ ___________________ Examiner Signature ___________________________________ ...

Words: 23487 - Pages: 94


...Principles Of Banking BSAD 120 Shakira Harper, Brady Hayden, John Gianlombardo May 3, 2014 History of American Currency When we go to store and buy a soda, or a candy bar, what do you use to pay for it? Did you use change? How about dollar bills? Did you use your debit or credit card? Money is a medium of exchange for people to use to trade things of value. When we think of currency, most people will generally just think of paper money, and they are right. However, in today’s world, the term currency extends much further than just paper money; it includes coins, bonds, checks, and even some types of loan papers. The earliest days of American currency is typically referred to as a history of a mixture of types of money. All the way to the beginning of when the settlers first came over to the States, shells and nails were used to trade for other goods that they may need. This made these shells and nails a kind of coinage. Back in the colonial days, cons were the most common form of exchange. As early as the 1650’s, British coins were being minted on American soil but colonists usually did not trust them. In fact, colonists trusted the Spanish dollar which was referred to as the Real. There were also forms of paper money back in the colonial days. However this paper money was typically traded for coins because of the trust issue. Currency in America has been an ever evolving thing even since the colonial days. The way currency has been made and the way it is used has......

Words: 1191 - Pages: 5

Entrenchment in the Kenyan Constitution

...of a statue. Sometimes, this is because the constitution is considered supreme law. Article 2(1) of the Kenyan Constitution of 2010, states that the Constitution is the supreme law of the republic and binds all persons and all state organs at both levels of the government. Regardless of whether constitutional modifications require more complex procedures, all states with an entrenched constitution recognize the difference between constitutional law and ordinary statutory law. Procedures for ratification of constitutional amendments vary across states. In a federal system of government, the approval of a majority of state/provincial legislatures may be required. Alternatively, a national referendum may be required for amending the constitution, as is the case in Kenya. In constitutions that are not entrenched, no special procedure is required for modification of the constitution. In the small number of countries with un-entrenched constitutions, the constitution is not recognized with any higher legal status than ordinary statutes. In the UK, for example, laws which modify the constitution are passed on a simple majority in Parliament. The concept of "amendment" does not apply. This is because, the procedure for modifying the constitution are the same as that of modifying any other national law. HOW DO WE KNOW THAT THE CONSTITUTION OF KENYA IS ENTRENCHED? 2.1 BRIEF HISTORY OF THE 2010 CONSTITUTION The 2010 Constitution of Kenya, currently in force, replaced the 1969......

Words: 1739 - Pages: 7

Mobile Banking

...Can mobile banking revolutionize the lives of the poor? By Ben Popper We're excited to have Bill Gates as our guest editor in February. Throughout the month, Bill will be sharing his vision of how technology will revolutionize life for the world's poor by 2030 by narrating episodes of the Big Future, our animated explainer series. In addition, we'll be publishing a series of features exploring the improvements in banking, health, farming, and education that will enable that revolution. And while the topics reflect the bets Bill and his wife Melinda are making with their foundation, they've asked us for nothing less than fully independent Verge journalism, which we're more than happy to deliver. Turns out Bill Gates is a pretty confident guy. Nilay Patel, Editor-in-Chief In the village of Sori along the banks of Kenya’s Lake Victoria, fishing has long been the lynchpin of the local economy. Jobs here are largely divided by gender: men catch the fish, and the women process the meat, take it to market, and handle finances. As detailed in a 2012 study from the SIT Graduate Institute, residents of Sori traditionally kept their money at home. Theft was a constant concern, and many of the women interviewed reported their husbands misappropriating their savings. For many, traditional banks were either too far away, or demanded minimum deposits the villagers could not afford. All that changed in 2007 with the introduction of M-PESA, a mobile service that allows Kenyans to store......

Words: 2583 - Pages: 11

Commercial Banking

...EGERTON UNIVERSITY TOWN CAMPUS FACULTY OF COMMERCE DEPARTMENT OF ACCOUNTING, FINANCE & MANAGEMENT SCIENCE NAME: OCHIENG JARED OPONDO REG NO: C12/60275/09 GROUP: A FACULTY: COMMERCE COURSE: BCOM 330; Financial Institutions and markets TASK: TERM PAPER TITLE: COMMERCIAL BANKING IN KENYA PRESENTED TO: MRS. BOSIRE MARY PRESENTED ON: 19TH October 2011 ABSTRACT: This term paper analyses the commercial banking system in Kenya. In particular it focuses on the history of commercial banks from a general perspective then narrows down to Kenya’s context. It looks at the importance of commercial banks in Kenya, the roles/functions of commercial banks. It then focuses on the regulations that govern the commercial banks. Lastly it looks at the contribution of commercial banks to Kenya’s economy. TABLE OF CONTENTS Abstract 2 Table of contents 3 Introduction 4 The history and development of commercial banks 5 Importance of commercial banks 9 Roles of commercial banks 10 Regulations of commercial banks 13 Contribution of commercial banks to Kenya’s economy 14 Emerging trends in banking 17 Summary 18 References 18 INTRODUCTION A commercial bank is a type of financial intermediary and a type of bank. It raises funds by collecting deposits from businesses and consumers via checkable deposits, savings deposits, and time deposits. It makes loans to businesses and consumers. It also buys corporate bonds and government bonds. Its primary liabilities are......

Words: 4777 - Pages: 20

Customer Oriented Marketing: a Recommendation for Kenyan Firms

...align itself with the customer defined structures for example the financial services industry instead of the banking industry. After doing this, the firm can now produce products with features that translate to benefits for customers. It only then that the firm can engage in marketing activities which will create awareness, communicate benefits, arouse the customer’s desire to purchase and place the product within the customer’s reach. In light of this, it only makes sense to have a marketing process which is customer oriented. This is because the organization is in control of their profitability, since factors that may affect this are all in the internal environment and are within the management’s control. Recommendation for firms in Kenya Kenyan organizations should adopt a customer oriented marketing approach. As mentioned earlier, customer oriented marketing must begin with an organization’s leadership, otherwise it will just remain a philosophy. Nakumatt has, for instance, adopted this very well. The organization targets high end customers who seek and are willing to pay for variety and convenience. Its mission is “all under one roof” and their supermarkets are always well stocked, have a deli, wine shop, bookshop, furniture store, have branches that are easily accessible with safe parking spaces, and their staff are trained to offer great customer service. Kenyan firms should also learn to identify and define the customer needs of their target markets. This is......

Words: 849 - Pages: 4


...Suppose India becomes the only gold producing country in the world. Give views. Q5) Can private hospitals play a significant role in providing medical facilities to rural people? or How milk cooperatives societies can help in increasing the milk production? The following questions were asked in the Indian Bank PO Exam held on Jan 2nd, 2010. I have tried to frame these questions based on my memory from the question paper that was given to us in the exam hall. Please feel free to edit if necessary. But most important of all it would be very helpful if you post your answers to thesequestions on this website as it would be very useful to all the aspirants for PO post in banks. Thank you very much. How can NBFC’s be utilized to make banking services available to the blue collared people/layman. Joint families are slowly waning away from semi-urban and rural areas. Discuss the advantages/disadvantages of joint family and nuclear family. Vehicular population is increasing. Discuss steps to ease traffic jam and congestion in cities. Banks allow opening of no frill accounts. Discuss its merits and demerits. Discuss the merits and demerits of Contract farming. Is it harmful or friendly to small farmers. ## BANK PO DESCRIPTIVE QUESTIONS ## Q1) “The Govt sould have lesser & lesser role in the activities related health”. Give arguments in favour and against of this statement. Ans1) Liberalisation has opened new opportunities for private investment in the......

Words: 2968 - Pages: 12


...analyze the role of information technology (IT) in the Indian banking industry. Indian banks are investing heavily in the technologies such as automated teller machine (ATMs), net banking, mobile banking, tele -banking, credit cards, debit cards, smart cards, call centers, CRM, data warehousing etc. It is essential to evaluate the impact of information technology on the performance of Indian banks in terms of extended value added services and customer satisfaction thereby. Foreign banks and Private sector banks which took more IT initiative, were found to be more efficient and more competent force than public sector banks in India. Based on the article, technological innovations have enabled the industry to open up efficient delivery channels. It is said that IT has helped the banking industry to deal with the challenges the new economy poses. The study examines the views of banking customers on the implementation of IT in banks. According to the author, private and foreign banks use more IT-related banking services than public sector banks. Keywords and Abbreviations: Awareness level, Banking sector, Customer Satisfaction, ITeS, Security ATM – Automated Teller Machines / Any Time Money CBS – Core Banking Solution IAM – Investment and Assets Management CRM – Customer Relationship Management GRC – Governance Risk and Compliance IDRBT - Institute for Development and Research in Banking Technology INFINET - Indian FInancial NETwork......

Words: 318 - Pages: 2


...Act, Sec 17 suggests that a fraud means and includes any of the acts by a party to a contract or with his connivance or by his agents with the intention to deceive another party or his agent or to induce him to enter in to a contract. Banking Frauds constitute a considerable percentage of white-collar offences being probed by the police. Unlike ordinary thefts and robberies, the amount misappropriated in these crimes runs into lakhs and crores of rupees. Bank fraud is a federal crime in many countries, defined as planning to obtain property or money from any federally insured financial institution. It is sometimes considered a white collar crime. The number of bank frauds in India is substantial. It in increasing with the passage of time. All the major operational areas in banking represent a good opportunity for fraudsters with growing incidence being reported under deposit, loan and inter-branch accounting transactions, including remittances. Bank fraud is a big business in today’s world. With more educational qualifications, banking becoming impersonal and increase in banking sector have gave rise to this white collar crime. In a survey made till 1997 bank frauds in nationalised banks was of Rs.497.60 crore. This banking fraud can be classified as: • Fraud by insiders • Fraud by others Fraud By Insiders Rogue traders A rogue trader is a highly placed insider nominally authorized to invest sizeable funds on behalf of the bank; this trader secretly......

Words: 3880 - Pages: 16